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IV. PROJECT QUALIFICATIONS <br /> Housing TIF projects considered by the City of Elk River must meet each of the <br /> following requirements: <br /> a. To eligible for TIF, a project shall result in: <br /> i. A minimum increase of$37,500 per year in property taxes, excluding <br /> � the state portion;and <br /> ✓u• Have a market value of at least$1,250,000 upon completion. <br /> b. The project shall meet at least one of the objectives set forth in Section II <br /> and satisfy all the provisions set forth in Section III of this document. <br /> c. The developer shall demonstrate that the project is not financially feasible <br /> but for the use of TIF. <br /> d. The project shall comply with all provisions set forth in the Tax Increment <br /> Financing Act,Minnesota Statutes 469.124 to 469.134,inclusive, as amended, <br /> and Statutes 469.174 to 469.1794,inclusive,as amended. <br /> e. The project must be consistent with the City's Comprehensive Plan,Land <br /> Use Plan,and Zoning Ordinances. <br /> f: The project shall serve at least two of the following public purposes: <br /> • Enhancement or diversification of the city's housing stock. <br /> • Development that will spur additional private investment in the area. <br /> • Fulfillment of defined city objectives such as those identified in the <br /> City's Comprehensive Plan and the City's Housing and <br /> Redevelopment Strategic Plan, among others. <br /> • Removal of blight or the rehabilitation of a high profile or priority <br /> site. <br /> V. SUBSIDY AGREEMENT & REPORTING REQ►UIRMENTS <br /> All developers/businesses receiving Tax Increment assistance from the City of Elk <br /> River may be subject to the provisions and requirements set forth by the City's <br /> Business Subsidy Policy as amended and Minnesota Statutes Sections 116J.993 to <br /> 116J.995 (the "Minnesota Business Subsidy Law"). <br /> Vi. APPLICATION PROCESS FOR TIF <br /> 1. Applicant submits the completed application along with a $10,000 application <br /> deposit, to be refunded for any portions not utilized if the tax increment project <br /> does not proceed. The application deposit will be used toward the cost of <br /> services provided in the evaluation of financial feasibility,establishment or <br /> modification of the TIF district, and preparation of legal documents and <br /> agreements. An additional deposit of$10,000 will be required for projects that <br /> require meeting statutory eminent domain and/or redevelopment substandard <br /> tests. Projects that demand professional services in excess of the initial deposit <br /> shall be required to reimburse the City for the additional expenses. <br /> City of Elk River Tax increment Financing Policy&Application-Housing p 0 !t f 8 E D 8 1 <br /> Amended April S 2015 11WATURE1 <br /> Page 5of14 <br />